Schedule U-MTI: Member’s Taxable Income from Sources Other Than the Unitary Business (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Schedule U-MTI reports a member’s taxable income from sources other than the unitary business. It calculates non-unitary income, deductions, Massachusetts adjustments, and income and gains allocated or apportioned to Massachusetts.
What you'll need
Have the following information available to complete Schedule U-MTI:
- The member’s name, federal identification number and tax type: financial institution or business corporation.
- The principal reporting corporation’s name and federal identification number.
- The taxable period, if not using calendar year 2024.
- Amounts for sales, cost of goods sold, dividends, interest, rents, royalties, capital gains and other income from non-unitary activity.
- Net gain or loss from Form 4797, if applicable.
- Deductions, Massachusetts adjustments, expense add backs and exceptions for non-unitary activity.
- The apportionment percentage and amounts of non-unitary income and gains or losses allocated or apportioned to Massachusetts.
The form does not provide a list of required attachments.
How to file
File electronically. The form states that paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. See the Department of Revenue’s electronic filing and payment requirements for more information. The form also refers to TIRs 16-9 and 21-9.
Common mistakes
- Submitting a paper return: Schedule U-MTI is marked “E-File Only.” The form warns that paper returns will not be accepted.
Questions people ask
What income does Schedule U-MTI cover?
It covers a member’s taxable income from sources other than the unitary business. The form calculates net income from non-unitary business activity and reports amounts allocated or apportioned to Massachusetts.
Which tax types are listed on the form?
The form lists financial institution and business corporation.
How do I calculate Massachusetts net income on line 22?
Subtract the total of lines 18 through 21 from line 17. Those deductions include the applicable dividends received deduction, exceptions to intangible and interest expense add backs, and other allowable deductions under chapter 63.
Where do I report non-unitary gains or losses allocated or apportioned to Massachusetts?
Report non-unitary capital gain or loss on line 28 and non-unitary section 1231 gain or loss on line 29. Line 27 reports non-unitary income excluding capital gains or losses allocated or apportioned to Massachusetts.